TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD outlook: Larger bears are taking a breather, consolidation capped by 200-DMA

BTC/USD outlook: Larger bears are taking a breather, consolidation capped by 200-DMA
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Larger bears are pausing for consolidation for the fourth straight day, holding above the lowest levels since late February.

Technical picture on daily chart remains firmly bearish, with consolidation being capped by 200 DMA, converging with falling 10DMSA, in attempts to form a death cross and add to bearish structure.

However, long tails of recent daily candles point to strong bids which partially offset bearish pressure and keep the price in extended sideways mode.

Near-term action should ideally remain capped by 200DMA (58527) with extended upticks not to exceed psychological 60K barrier to keep bears in play and offer better levels tore-enter bearish market.

Violation of recent spike lows to open way for extension towards next targets at 52K and 50K (Fibo 61.8% of 38501/73839 upleg / psychological) respectively.

Res: 58528; 59458; 60000; 60340.
Sup: 56450; 56170; 54251; 53142.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

More from Slobodan Drvenica
Share:

Editor's Picks

Top 3 Price Prediction: BTC consolidates gains, ETH defends support, XRP nears breakout trigger

Top 3 Price Prediction: BTC consolidates gains, ETH defends support, XRP nears breakout trigger

Bitcoin, Ethereum and Ripple begin the week on a constructive note as the top three cryptocurrencies attempt to extend rebounds after recovering nearly 4%, 2% and 2.6%, respectively. BTC steadies around $65,600, ETH continues to hold firmly above the key $1,700 support, while XRP nears the upper boundary of the falling channel pattern.

Ethereum Price Forecast: ETH struggles below $1,700 amid subdued on-chain users and capital outflows

Ethereum Price Forecast: ETH struggles below $1,700 amid subdued on-chain users and capital outflows

Ethereum rises, albeit gradually, toward $1,700. The smart contract token reflects a marginal increase in buyers seeking to re-engage at lower price levels, following the massive drawdown from mid-May, which was largely driven by geopolitical tensions in the Middle East and macroeconomic uncertainty.

XRP clings to support as derivatives interest cools

XRP clings to support as derivatives interest cools

Ripple hangs on to $1.14 support, extending its rebound from its early-week support at $1.10 and June’s low of $1.05. Maintaining this short-term support level is vital for the remittance token to preserve its bullish momentum, with a decisive breakout above $1.20 likely to signal further upside potential.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels. Bitcoin hovers around $63,500 amid a capped upside. Ethereum eyes a breakout past $1,700, while XRP hovers above $1.40.
Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.